The co-founder of Home Depot is revising his opinion of President Trump, saying he is “sold” on President Trump after months of solid results.
“If I told you how bullish I was…I have never been more excited about the future of America than I am right now, right this minute,” said billionaire GOP donor Ken Langone told CNBC’s Squawk Box.
Langone said Trump has “good shot at going down in history as one of our best presidents ever.”
Trump skeptic changes tune
In April, after Trump imposed historic tariffs that caused Wall Street to panic, Langone was skeptical of Trump’s “b—–” rates.
“Forty-six percent on Vietnam? Come on,” Langone told the Financial Times. “You might as well tell them, ‘Don’t even bother calling.’”
Langone also predicted, at the time, that tariffs would add to the ballooning federal deficit. But the budget had a surplus in June as tariff revenues topped $100 billion, a new record.
While skeptics say consumers are paying the price, inflation ticked up slightly in June to 2.7%, in line with expectations and well within the normal range.
Meanwhile, Trump confirmed a trade deal with Indonesia this week, and he says an agreement with Vietnam is all but finished.
“Initially, my concern was I don’t like tariffs; I like free trade. However, I think — damn it, give Trump credit. His instincts are good. Some of these things need to be fixed,” Langone said.
Getting things done
Langone also praised Trump’s strikes on Iran’s nuclear sites, which brought praise from some of his staunchest critics.
“The world is a mess, but I think it’s coming more in our direction than it was. I think that strike in Iran had significant symbolic meaning for the world that America is here and when our interests are at risk, we’re going to do something about it,” Langone said.
On the domestic front, Trump secured a landmark achievement in July with the enactment of the “Big, Beautfiul Bill.” The law includes major investments in immigration enforcement and makes Trump’s first-term tax cuts permanent, while adding new tax breaks that he promised in 2024.
The mega bill will “trigger significant economic growth,” Langone said, adding, “we might see tax revenues going up from the profitability.”
Overall, Langone said he is pleased to see that Trump is focused on making the country better, instead of seeking retribution, as Langone initially predicted.
“Like it or not, this guy’s getting things done,” Langone said.
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Author: Matthew Boose
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